In a recent decision, Twiford Enters. v. Rolling Hills Bank & Trust (In re Twiford Enters.), 2020 Bankr. LEXIS 2964, 2020 WL 6075691 (10th Cir. BAP 2020), the Tenth Circuit Bankruptcy Appellate Panel affirmed the lower court’s decision awarding postpetition interest pursuant to section 506(b). The disputed issue was whether a reference in the variable rate promissory notes to an internal rate index maintained by the bank was sufficiently clear and specific to support a claim for postpetition interest. The court held that it was.
On December 27, 2020, the Consolidated Appropriation Act ("CAA") was signed into law. The nearly 5,600-page bill is reportedly the longest bill ever passed by Congress. In addition to funding the federal government in 2021 and providing COVID-related relief to individuals and businesses, the new law amends the Bankruptcy Code in at least nine respects. Most of the amendments sunset in either one or two years. One of the amendments will become effective only if the Small Business Administration signs off on it.
A brief description of the amendments follows.
В России на протяжении довольно долгого времени действуют нормы, позволяющие кредиторам в случае банкротства компании привлечь к ответственности ее бывших собственников и руководителей (так называемая субсидиарная ответственность при банкротстве). При этом размер ответственности определяется исходя из размера недополученных кредиторами по итогам банкротства средств.
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In Russia, there have long been rules that allow creditors to hold a company’s former owners and executives liable in the event of insolvency (referred to as subsidiary liability in insolvency). In this case, the amount that the individuals are liable for is based on the funds that remain outstanding to the creditors following the insolvency.
We are delighted to share with you our Financial Institutions Horizons 2021, which provides a snapshot of key legal topics and market trends across the globe, shaping the future of the financial institutions market.
Italy has fully integrated the European Account Preservation Order into its procedures alongside existing protective tools available to creditors, who can now also request that their debtors' bank accounts in the European Union be frozen directly by the account bank.
On October 18, 2020 Italy adapted its civil procedure rules to incorporate the European Account Preservation Order ("EAPO") (introduced by EU Regulation 655/2014, in force since January 2017 ("the Regulation")) as an additional protective measure in favor of creditors.
Fulvio Italiani and Carlos Omaña, D'Empaire
This is an extract from the 2021 edition of GRR's The Americas Restructuring Review. The whole publication is available here.
In summary
Juan Carlos Machorro, Carlos Olvera and Ricardo Orea, Santamarina y Steta
This is an extract from the 2021 edition of GRR's The Americas Restructuring Review. The whole publication is available here.
In summary
Elizabeth McColm and Brian Bolin, Paul Weiss Rifkind Wharton & Garrison
This is an extract from the 2021 edition of GRR's The Americas Restructuring Review. The whole publication is available here.
In summary